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Board approves year-end GASB budget amendments, debt reconciliation and transfer to Woodfin project fund
Summary
Commissioners approved two year-end budget amendments required by GASB 87 and 96, a debt reconciliation amendment, and a transfer to the Woodfin project development finance fund to cover a calculated debt payment of $507,984.
At its June 17 meeting, the Buncombe County Board of Commissioners approved a series of year-end accounting actions and a budget amendment to support payment on a long-standing Woodfin project development financing district.
Sam Riddle, the county's budget analyst, explained that two budget amendments were required for compliance with Governmental Accounting Standards Board standards: GASB 87 (leases) and GASB 96 (software subscription/implementation). Riddle said the accounting entries require the…
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